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Tag Archives: economics departments

Economics tells countries to specialize…including specializing in economics

One of the most venerable and I think most powerful wealth-creating ideas in economics is the package of comparative advantage, gains from specialization, and gains from trade. As we all know, different countries just do different things well: the Swiss give us chocolates, the Germans give us beer, the French give us wine, and the British give us…um…they give us … um…um…

Oh wait, the British were the ones who gave us the ideas of…

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